CAPRICORN METALS LTD — Director's Dealing 2008

Nov 20, 2008

Appendix 3Y Change of Director’s Interest Notice

Rule 3.19A.2

Appendix 3Y

Change of Director’s Interest Notice

Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX’s property and may be made public.

Introduced 30/9/2001.

Name of entity MALAGASY MINERALS LIMITED ABN 84 121 760 105

We (the entity) give ASX the following information under listing rule 3.19A.2 and as agent for the director for the purposes of section 205G of the Corporations Act.

Name of Director	GUY F.M LECLEZIO
Date of last notice	7/07/08

Part 1 - Change of director’s relevant interests in securities

In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust

Note: In the case of a company, interests which come within paragraph (i) of the definition of “notifiable interest of a director” should be disclosed in this part.

Direct or indirect interest	INDIRECT
Nature of indirect interest(including registered holder)Note: Provide details of the circumstances givingrise to the relevant interest.	(1) GUY FRANCOIS LECLEZIO <RW SUPERFUND A/C>(2) RUNNING WATER LTD
Date of change	20/11/08
No. of securities held prior tochange	250,000 SHARES
Class	SHARES
Number acquired	574,809 SHARES
Number disposed	NIL
Value/ConsiderationNote: If consideration is non-cash, provide detailsand estimated valuation	$14,540
No. of securities held after change	(1) 250,000 SHARES(2) 574,809 SHARES
Nature of changeExample: on-market trade, off-market trade,exercise of options, issue of securities underdividend reinvestment plan, participation in buy-back	ON MARKET PURCHASES

• See chapter 19 for defined terms.

Appendix 3Y Page 1

11/3/2002

Appendix 3Y Change of Director’s Interest Notice

Part 2 – Change of director’s interests in contracts

Note: In the case of a company, interests which come within paragraph (ii) of the definition of “notifiable interest of a director” should be disclosed in this part.

Detail of contract	Agreement to issue options
Nature of interest	500,000 20c Unlisted Options to be issued subject toshareholder approval upon successful listing
Name of registered holder(if issued securities)	-
Date of change	-
No. and class of securities towhich interest related prior tochangeNote: Details are only required for a contract in relationto which the interest has changed	-
Interest acquired	-
Interest disposed	-
Value/ConsiderationNote: If consideration is non-cash, provide details andan estimated valuation	-
Interest after change	-

21/11/08

• See chapter 19 for defined terms.

Appendix 3Y Page 2

11/3/2002